Franklin Resources, Inc. $BEN Stake Increased by Alps Advisors Inc.

Key Points

• Alps Advisors increased its Franklin Resources stake by 168.4% in the third quarter, buying 61,964 shares to hold 98,770 shares valued at about $3.17 million.
• Franklin Resources reported quarterly EPS of $0.94, beating the $0.77 consensus, while revenue rose 3.9% year over year to $1.88 billion.
• Analysts’ consensus rating is Hold, with an average price target of $36.78. The company’s quarterly dividend is $0.33 per share, equivalent to a 3.7% annualized yield.

Alps Advisors Inc. raised its holdings in Franklin Resources, Inc. (NYSE:BEN - Free Report) by 168.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 98,770 shares of the closed-end fund's stock after purchasing an additional 61,964 shares during the period. Alps Advisors Inc.'s holdings in Franklin Resources were worth $3,172,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in BEN. First Community Trust NA bought a new stake in shares of Franklin Resources in the third quarter valued at approximately $25,000. Heritage Family Offices LLP bought a new position in Franklin Resources during the 3rd quarter worth $32,000. Armstrong Advisory Group Inc. bought a new position in Franklin Resources during the 3rd quarter worth $35,000. Compass Financial Management LLC acquired a new position in Franklin Resources in the 2nd quarter valued at $36,000. Finally, Elevation Wealth Partners LLC raised its holdings in Franklin Resources by 179.2% in the 3rd quarter. Elevation Wealth Partners LLC now owns 1,181 shares of the closed-end fund's stock valued at $39,000 after acquiring an additional 758 shares in the last quarter. Institutional investors and hedge funds own 47.56% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on BEN shares. JPMorgan Chase & Co. increased their target price on Franklin Resources from $34.00 to $35.00 and gave the stock a "neutral" rating in a report on Monday, October 12th. Morgan Stanley upped their price objective on shares of Franklin Resources from $34.00 to $35.00 and gave the stock an "equal weight" rating in a research report on Friday, September 25th. UBS Group started coverage on shares of Franklin Resources in a research note on Wednesday, October 7th. They set a "buy" rating and a $40.00 price objective on the stock. Barclays raised their target price on shares of Franklin Resources from $34.00 to $36.00 and gave the company an "equal weight" rating in a report on Monday. Finally, Wall Street Zen cut shares of Franklin Resources from a "buy" rating to a "hold" rating in a research report on Saturday, October 31st. Four equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Franklin Resources currently has an average rating of "Hold" and an average price target of $36.78.

Franklin Resources Stock Performance

NYSE:BEN opened at $35.93 on Tuesday. The stock's 50-day moving average is $32.61 and its 200-day moving average is $30.43. The stock has a market cap of $18.25 billion, a P/E ratio of 18.14, a price-to-earnings-growth ratio of 0.60 and a beta of 1.56. Franklin Resources, Inc. has a 1-year low of $21.10 and a 1-year high of $36.28. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 1.22.

Franklin Resources (NYSE:BEN - Get Free Report) last posted its earnings results on Friday, November 6th. The closed-end fund reported $0.94 earnings per share for the quarter, topping analysts' consensus estimates of $0.77 by $0.17. Franklin Resources had a net margin of 8.72% and a return on equity of 11.55%. The firm had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same period in the previous year, the firm posted $0.67 EPS. The company's revenue for the quarter was up 3.9% compared to the same quarter last year. Equities research analysts anticipate that Franklin Resources, Inc. will post 3.20 earnings per share for the current year.

Franklin Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Wednesday, September 30th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Wednesday, September 30th. Franklin Resources's dividend payout ratio is presently 66.67%.

Franklin Resources Company Profile

Franklin Resources, Inc is a global investment management company that operates under the Franklin Templeton name. It offers investment products and services to individual investors, financial professionals, institutions and other clients, including mutual funds, exchange-traded funds and separately managed accounts.

The company invests across a range of asset classes and strategies, including equities, fixed income, multi-asset portfolios and alternative investments. Its services also include retirement solutions and wealth management.

Founded in 1947, Franklin Resources has grown through acquisitions, including its 2020 acquisition of Legg Mason.

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